DWS Eurorenta

ISIN: LU0003549028Koers per datum: 13-5-2022Uitgiftekoers: 52,45
 Valuta: EURVerkoopkoers: 50,92

Maritta Kanerva

Fondsbeheerder sinds: 1-7-2015
Beheer locatie: Duitsland

Huidige opmerking

The outlook for Central Bank policies continued to shift to more and quicker rate hikes and other monetary tightening measures, expected to occur in the year to come. Yields rose in most developed bond markets, continuing their upwars path that started in December. Main reason was continued persistently higher inflation and the perception that Omicron leads to less severe illness, perhaps allowing for restrictions to be lifted earlier than initially feared. Increasing geopolitical risks limited somewhat the extent of the sell-off. German Bunds outperformed UK Gilts and to a lesser extent, the US Treasuries. January also turned out to be a disappointing month for European corporate bond investors as all risk assets struggled amid the hawkish shift of the central banks and the risk of war.

Vorige opmerkingen

  • 12/2021: During the month of December, the market focus was very much on the long-awaited central bank meetings including the US Fed, Bank of England, ECB and Bank of Japan. Regarding the Fed it appears that the focus of monetary policy has shifted more to countering inflation, rising prices are not anymore seen as transitory. Also BOE surprised the markets and decided to hike rates in order to fight rising inflation, this despite the heightened Omicron uncertainty. ECB and BOJ prefer to wait., the former is not priced to hike 10 bps until the end of 2022 and only slowly start unwinding its purchase programs. Bond yields moved sideways to slowly lower during the first half of the month but started to shift higher all over the term structure after the central bank meetings, probably reflecting the adapted inflation expectations. After November correction in risk asset classes, credit markets regained half of the spread widening during December

  • 10/2021: In October, there were big moves in many fixed income markets, driven by on-going supply side constrains and higher expected inflation. The hawkish Central Banks in many countries like New Zealand, Norway, UK, Canada and the Fed expected to start tapering, caused big sell offs at the front end of the curves. At the same time, the somewhat slower economic data and the fear of policy errors with too much focus on inflation fighting flattened the yield curves dramatically, as the longest bonds were sought after especially in UK and US. Spreads of Europe sovereigns widened at the end of the month, led by Italy and Greece. Corporate bonds felt the pressure of supply chain issues and scarcity of qualified labor, underperforming the safe haven assets like German Bunds across all sectors.

  • 08/2021: During the month of August, global government yields moved mostly sideways, with a small increase at the end of the month. Central bank related news flow like the publication of ECB minutes and chief economist Mr Lane's interview, as well as expected tapering dicussions around the Jackson Hole Conference in the US and the small adjustment to BOE forward guidance, dominated the headlines. Some slowdown in the recent economic data combined with the high near-term inflation numbers divides opinions about the next market direction. In addition, the current supply-demand situation is still very unclear and contributes to the high amount of uncertainty. The spreads of Italian and Spanish government bonds stayed fairly stable, as did semi-core sovereigns, covered bonds and SSAs. Corporate bonds marginally outperformed German government bonds during the reporting month.

  • 07/2021: Signs of some of the economic data topping out, central banks convincing markets that inflation would be transitory and risk-off news from China at the end of the month set the tone for main fixed income markets, pushing yields further down during July. Re-emerging fear regarding the mounting number of Covid-19 delta variant new infections in many countries further supported the market, amplified by the poorer liquidity conditions during the summer period. ECB Governing Council meeting appeared more dovish than expected, by raising targets for inflation to be reached before the central bank would act. There were reassurances also by various other central bank officials throughout the month to keep the interest rates ultra-low for the time being and leave the asset purchase programs in place. Spreads of European sovereign issues moved sideways in the reporting month, spreads of Corporate Bonds, Covered Bonds, Supranationals and Agencies widened, mainly due to broader swap spreads compared to German Bunds.

  • 06/2021: There was a positive undertone in fixed income markets during the month of June, This was most evident in the dollar markets, where the mid-month squeeze lower in long bond yields was initiated by a Fed commentary about the timing of monetary measures as it dialed up inflation expectations. In general, there was a decent amount of saturation in the traditional "reflation" trades like commodity prices that only new one dirrection during the past months. As a lot of growth and inflation is already priced in to the market, the one-sided positioning bias can easily push volatility higher than is desirable. Although we could see reversals from some of the bigger moves during the second half of the month, the curves in general ended the month flatter, even in the Euro area if looking at the 2s30s part of the yield curve. Yields of Italian and European semi-core sovereign issuers to German Bunds tightened during June, corporate issuance still continues to be well taken in the market


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